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Palo Alto, CA (2015)

Ravenswood Family Health Center

Financing for Ravenswood to move out of modular buildings with limited space and services.

Investment

  • NMTC Amount: $37,534,000
  • Total Project Cost: $38,900,000

IMPACT

  • 175 FTE jobs
  • 115 construction jobs
  • 12,900 patients served
  • Project includes a Federally Qualified Health Center.

Investor

Project Description

Established in 2000, Ravenswood served about 12,900 patients per year out of modular buildings with limited space and services. The new center will nearly double Ravenswood’s patient capacity. It includes 58 exam rooms and 13 behavioral health counseling rooms as well as laboratory, imaging and mammography services, optometry exams and a pharmacy.

PCDC invested $7.5 million in new markets tax credits (NMTC) and $850,000 in bridge loan financing to help build the new 38,000 sq. ft. facility. The Opportunity Fund provided $20.5 million in NMTCs and Low Income Investment Fund (LIIF) provided $11.5 million in NMTCs as well as additional bridge loan financing. The project attracted numerous grants and donations, including $5 million from Facebook CEO Mark Zuckerberg and his wife Priscilla Chan.

MAP

Address: 1885 Bay Road, Palo Alto, CA 94303

Census Tract: 6081611800

Voices from the Community

Ravenswood Family Health Network was able to build a $38 million dollar medical clinic with NMTC support. We fulfilled our 7 year financing period in November of 2021 and now own our 38,300sf facility outright including 3.15 acres of property. NMTC works!

-Luisa Buada, Ravenswood Family Health Network, East Palo Alto, California

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